Uber IPO filing shows $11.3B in revenue, expansion plans

Uber filed its initial public offering prospectus, showing the company has plans to expand. File Photo by Will Oliver/EPA-EFE

April 12 (UPI) -- Ride-sharing giant Uber has released details about its long-awaited initial public offering -- which will list the company on the New York Stock Exchange.

The company released its IPO prospectus in a filing with the Securities and Exchange Commission Thursday. It will be listed with the ticker symbol "UBER."

The prospectus showed Uber reported $11.3 billion in revenue in 2018 and a net income of $997 million. It also showed an adjusted EBITDA loss of $1.85 billion.

Uber's IPO follows the debut of Lyft last month, which beat expectations at $87 per share on the Nasdaq -- 20 percent higher than the announced price of $72. Since then, however, the stock has tumbled, falling to $61.01 per share as of Thursday.

Uber chief executive Dara Khosrowshahi said in a letter the company is evolving into a more diverse transportation company that includes meal delivery -- and in the future, freight, electric bikes and scooters, and self-driving vehicles.

"Taking this step means that we have even greater responsibilities - to our shareholders, our customers and our colleagues," Khosrowshahi wrote in the letter.

"Over the past 18 months, we have improved our governance and board oversight; built a stronger and more cohesive management team; and made changes necessary to ensure our company culture rewards teamwork and encourages employees to commit for the long term," he added.

Uber co-founder Travis Kalanick, who was ousted as chief executive in 2017 over sexual harassment accusations, still owns 8.6 percent of the company and could make $9 billion if the company debut with an expected valuation of $100 billion, CNBC reported.

Kalanick's shares, 117.5 million, is the third most of any stockholder and the most of any individual stockholder.

According to the SEC filing, the SoftBank Vision Fund firm SB Cayman 2 is Uber's largest shareholder with 16.3 percent, totaling 222 million shares. Benchmark Capital Partners own an 11 percent of the stock, at 150 million shares.